True it's the registered part that counts serial number applied to the Receiver.

Example my builder gets raw castings no number, when he finishes them onto actions and applies the number it's logged as a firearm. No further log as it's barreled, stocked and finished, next log is when it's sent from his shop to a dealer.

If he got a finished action number applied it would have been registered as a firearm by the manufacturer that applied the number and transferred to him as a dealer.

Boats